President Bola Ahmed Tinubu said his administration has cleared N30 trillion ways and means loan from the Central Bank of Nigeria.
The President disclosed this on Tuesday during his 64th Independence Day celebration nationwide broadcast.
According to him, his administration in the last 16 months has made gains in retooling and repositioning Nigeria’s economy.
He added that Nigeria under his watch has reduced its debt service ratio from from 97 percent to 68 percent.
“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably. If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.
“We have cleared the ways and means of a debt of over N30 trillion. We have reduced the debt service ratio from 97 percent to 68 percent”, he said.